Tawhidi String Relationship (TSR) Approach to Entrepreneurial Growth in Waqf Linked Sukuk
Article Sidebar
-
Tawhidi String Relationship, Waqf Linked Sukuk, Islamic Finance, Entrepreneurial Growth, Sharia Economy
Abstract
This paper is motivated by the still weak bargaining position of Islamic finance in the development policy constellation. In fact, Islamic finance has a variety of advantages compared to conventional, and has a variety of instruments that can be developed. One of the innovations in the development of Islamic financial instruments is the combination of sukuk and waqf or called sukuk linked waqf. The development of waqf-linked sukuk is one of the innovations and a manifestation of the importance of formulating objectives derived from religious and divine values or known as the Tawhidi String Relation (TSR). The TSR approach emphasizes the truth that comes from God, while at the same time emphasizing the importance of trying to achieve the benefit of the world. The principle of TSR is the oneness of Allah SWT which is known as Tawhid which acts as the main method for the development of Islamic finance. The oneness of Allah SWT is represented in the Al-Qur'an which is then juxtaposed with As-Sunnah. Based on the TSR approach, this paper suggests that there are many arguments or basic arguments for the importance of returning the financial sector back to the sharia economy which originates from the Al-Qur'an and As-Sunnah. This weak correlation causes the innovation results in the ecosystem for the development of waqf-linked sukuk to be weak. Therefore, it is necessary to strengthen the Islamic financial conclusion which must truly base its ecosystem on the basis of the Al-Qur'an and As-Sunnah as the foundation for the development of sukuk linked waqf.
Full text article
References
F. K. T. Suwandini, E. W. H. Budianto, and N. D. T. Dewi, “Islamic rural banks (bprs): Mapping research topics using library research and vosviewer bibliometrics,” TIFBR (Tazkia Islamic Finance and Business Review), vol. 14, no. 1, pp. 46–64, 2023, accessed: 2025-05-04. [Online]. Available: https://www.academia.edu/110679626/Islamic Rural Banks BPRS Mapping Research Topics using Library Research and VOSviewer Bibliometrics
R. M. Yasin, “Cash waqf linked sukuk: Issues, challenges, and future direction in indonesia,” JEBIS: Jurnal Ekonomi dan Bisnis Islam, vol. 7, no. 1, 2021.
S. Nurdiana and T. Mariyanti, “Islamic bank as a role model of implementation tawhidi string relations in production concept,” Indonesian Journal of Business, Accounting and Management, vol. 4, no. 2, pp. 40–45, 2021.
A. Ascarya, U. Suharto, and J. A. Husman, “Proposed model of integrated islamic commercial and social finance for islamic bank in indonesia,” Eurasian Economic Review, vol. 12, no. 1, pp. 115–138, 2022.
S. I. Al-Hawary, J. R. N. Alvarez, A. Ali, A. K. Tripathi, U. Rahardja, I. H. Al-Kharsan, R. M. Romero-Parra, H. A. Marhoon, V. John, and W. Hussian, “Multiobjective optimization of a hybrid electricity generation system based on waste energy of internal combustion engine and solar system for sustainable environment,” Chemosphere, vol. 336, p. 139269, 2023.
A. L. Nugraha, A. Susilo, M. Huda, M. A. Athoillah, and C. Rochman, “Waqf literacy: The dynamics of waqf in indonesia,” Journal of Islamic Economics and Finance Studies, vol. 3, no. 2, pp. 102–120, 2022.
S. Lestari, S. Watini, and D. E. Rose, “Impact of self-efficacy and work discipline on employee performance in sociopreneur initiatives,” Aptisi Transactions on Technopreneurship (ATT), vol. 6, no. 2, pp. 270–284, 2024.
J. Siswanto, V. A. Goeltom, I. N. Hikam, E. A. Lisangan, and A. Fitriani, “Market trend analysis and data-based decision making in increasing business competitiveness,” Sundara Advanced Research on Artificial Intelligence, vol. 1, no. 1, pp. 1–8, 2025.
P. M. Haas and N. Ivanovskis, “Prospects for implementing the sdgs,” Current Opinion in Environmental Sustainability, vol. 56, p. 101176, 2022.
D. M. Sudi, A. Sarif, Y. Wang, and G. Zou, “Optimizing waqf as a socio-economic financing instrument in the digital era,” Sharia Oikonomia Law Journal, vol. 2, no. 2, pp. 139–150, 2024.
K. Nour Aldeen, I. S. Ratih, and R. Sari Pertiwi, “Cash waqf from the millennials’ perspective: a case of indonesia,” ISRA International Journal of Islamic Finance, vol. 14, no. 1, pp. 20–37, 2022.
United Nations, “The 17 goals — sustainable development,” https://sdgs.un.org/goals, 2024, accessed: 2024-08-23.
Ministry of Finance of the Republic of Indonesia, “Sukuk tabungan,” 2025, accessed on May 1, 2025. [Online]. Available: https://www.kemenkeu.go.id/sukuktabungan
A. H. Aditiya, H. Hamdan, S. N. W. Putra, S. Visiana, and R. Thakkar, “Transforming education with genai: Case study on chatgpt, midjourney, and policy changes,” Sundara Advanced Research on Artificial Intelligence, vol. 1, no. 1, pp. 20–27, 2025.
U. Rahardja, Q. Aini, M. A. Ngadi, M. Hardini, and F. P. Oganda, “The blockchain manifesto,” in 2020 2nd International Conference on Cybernetics and Intelligent System (ICORIS). IEEE, 2020, pp. 1–5.
M. Murod, S. Anhar, D. Andayani, A. Fitriani, and G. Khanna, “Blockchain based intellectual property management enhancing security and transparency in digital entrepreneurship,” Aptisi Transactions on Technopreneurship (ATT), vol. 7, no. 1, pp. 240–251, 2025.
A. As-Salafiyah, “Literature on tawhidi string relation (tsr) concept: A text mining,” Maqasid al-Shariah Review, vol. 2, no. 2, 2023.
M. A. Choudhury, “The tawhidi methodological question for islamic philosophy of science: Comparative study,” in Handbook of Islamic Philosophy of Science: Economics, Society and Science. Springer, 2024, pp. 37–78.
A. U. Hasanah, Y. Shino, and S. Kosasih, “The role of information technology in improving the competitiveness of small and sme enterprises,” IAIC Transactions on Sustainable Digital Innovation (ITSDI), vol. 3, no. 2, pp. 168–174, 2022.
F. N. Izzuddin, L. A. Syafutra, M. F. Agustian et al., “User experience evaluation of pension fund application using system usability scale and heuristic evaluation,” in 2024 9th International Conference on Business and Industrial Research (ICBIR). IEEE, 2024, pp. 0142–0147.
E. S. Aisyah, E. P. Harahap, and N. Salsabila, “The effect requirements selling in the marketplace for security against buyer trust,” Aptisi Transactions On Management, vol. 4, no. 1, pp. 67–75, 2020.
A. A. Mahfudz, “Problems of islamic home financing in indonesia: A tawhidi string relation (tsr) exposition,” in Problems of Islamic Home Financing in Indonesia: A Tawhidi String Relation (TSR) Exposition, vol. 14, no. 1. Institute for Research and Community Empowerment (IRCE), Tazkia University . . . , 2020, pp. 46–64.
M. Kuswari, R. Gantino, and J. Maratis, “Maximizing healthcare service information system: Understanding the influence of integration on efficiency,” ADI Journal on Recent Innovation, vol. 6, no. 2, pp. 108–117, 2025.
A. S. Warto and R. B. Budhijana, “Analysis of tawhidi string relation (tsr) towards factors that affect the distribution of financing of sharia banking in indonesia period 2009-2019,” Asian Development Bank Economics Working Paper Series, vol. 12, 2020, accessed: 2025-05-04. [Online]. Available: https://papers.ssrn.com/sol3/papers.cfm?abstractid=3548025
U. Rusilowati, H. R. Ngemba, R. W. Anugrah, A. Fitriani, and E. D. Astuti, “Leveraging ai for superior efficiency in energy use and development of renewable resources such as solar energy, wind, and bioenergy,” International Transactions on Artificial Intelligence, vol. 2, no. 2, pp. 114–120, 2024.
R. G. Munthe, M. Abbas, R. Fernandez, and N. Ulita, “The impact of educational information systems on learning accessibility in higher education,” International Transactions on Education Technology (ITEE), vol. 3, no. 1, pp. 94–103, 2024.
U. Rahardja, N. Lutfiani, A. S. Rafika, and E. P. Harahap, “Determinants of lecturer performance to enhance accreditation in higher education,” in 2020 8th International Conference on Cyber and IT Service Management (CITSM). IEEE, 2020, pp. 1–7.
A. Kanivia, H. Hilda, A. Adiwijaya, M. F. Fazri, S. Maulana, and M. Hardini, “The impact of information technology support on the use of e-learning systems at university,” International Journal of Cyber and IT Service Management, vol. 4, no. 2, pp. 122–132, 2024.
C. S. B. Bangun, D. P. Riskhandini, and N. Lyraa, “Blockchain governance models for enhancing e-commerce user satisfaction,” Blockchain Frontier Technology, vol. 4, no. 2, pp. 72–83, 2025.
A. Susanto and T. Mariyanti, “Implementation of tawhidi string relations (tsr) on household consumption,” Indonesian Journal of Business, Accounting and Management, vol. 4, no. 2, pp. 1–7, 2021.
F. Sintarini and A. A. Makhfudz, “Factors influencing consumers’ intention to buy on sharia insurance and the implications towards maslaha: A tawhidi string relation (tsr) approach,” Indonesian journal of business, accounting and management, vol. 4, no. 2, pp. 28–33, 2021.
R. Widayanti, M. H. R. Chakim, C. Lukita, U. Rahardja, and N. Lutfiani, “Improving recommender systems using hybrid techniques of collaborative filtering and content-based filtering,” Journal of Applied Data Sciences, vol. 4, no. 3, pp. 289–302, 2023.
R. Bhandari and M. V. A. Sin, “Optimizing digital marketing in hospitality industries,” Startupreneur Bisnis Digital (SABDA Journal), vol. 2, no. 1, 2023.
B. Wijananto, Y. Basri, A. Mahfudz, and A. Uraji, “Problems of islamic home financing in indonesia: A tawhid string relation (tsr) exposition,” TIFBR (Tazkia Islamic Finance and Business Review), vol. 14, no. 1, pp. 46–64, 2020.
R. Naida, L. Berezovska, O. Bulgakova, N. Kravets, and M. Savchenkova, “Integrating innovative pedagogical technologies into early childhood education training programs:: A comparative analysis,” Conhecimento & Diversidade, vol. 16, no. 41, pp. 568–595, 2024.
D. Bennet, S. A. Anjani, O. P. Daeli, D. Martono, and C. S. Bangun, “Predictive analysis of startup ecosystems: Integration of technology acceptance models with random forest techniques,” CORISINTA, vol. 1, no. 1, pp. 70–79, 2024.
A. Abudaqa, R. Alzahmi, M. F. Hilmi, and G. Ahmed, “How supply chain resilience is achieved in smes of dubai, uae? considering the flexible supply chain practices as a mediator,” International Journal of Logistics Systems and Management, vol. 45, no. 2, pp. 159–174, 2023.
M. F. Nur and A. Siregar, “Exploring the use of cluster analysis in market segmentation for targeted advertising,” IAIC Transactions on Sustainable Digital Innovation (ITSDI), vol. 5, no. 2, pp. 158–168, 2024.
S. Purnama, B. L. Pradana, G. Khanna, S. Suhandi, A. Rizky, I. N. Hikam, and M. F. Kamil, “The impact of war on the cryptocurrency economy from a management perspective,” International Journal of Cyber and IT Service Management, vol. 4, no. 2, pp. 143–154, 2024.
Authors
Copyright (c) 2025 Lokot Zein Nasution, Hermanto Siregar, Rifki Ismal, Tatik Mariyanti
This work is licensed under a Creative Commons Attribution 4.0 International License.
This journal permits and encourages authors to post items submitted to the journal on personal websites while providing bibliographic details that credit its publication in this journal.
Authors are permitted to post their work online in institutional/disciplinary repositories or on their own websites. Pre-print versions posted online should include a citation and link to the final published version in Journal of Librarianship and Scholarly Communication as soon as the issue is available; post-print versions (including the final publisher's PDF) should include a citation and link to the journal's website.